Robeco Corporate Hybrid Bonds D2H USD

Investing in the corporate hybrids of investment grade non-financials

Share classes Share classes Every share class of a product invests in the same portfolio of securities and has the same investment objectives and policies. However, their parameters might deviate. For instance and amongst others, their distribution type, currency exposure or fees and expenses might differ. The most common share classes at Robeco are: a) D/DH shares, which are regular shares and available for all Investors; b) I/IH shares, for institutional investors as defined from time to time by the Luxembourg supervisory authority. For more information on share classes please go to the prospectus.

Class and codes

Asset class
Bonds
ISIN
LU2947881319
Bloomberg
RCHBD2U LX

Asset class

Bonds

ISIN

LU2947881319

Bloomberg

RCHBD2U LX

Index

Bloomberg Global Corporate Hybrids 3% Issuer Cap

Sustainability-related information
Sustainability-related information
Under the EU Sustainable Finance Disclosure Regulation, products can be labelled as either Article 6, 8 or 9 fund.
Article 6 - The fund is not in scope of enhanced sustainability disclosures compared to Article 8 and 9.
Article 8 - The fund does not have a sustainable investment objective but promotes environmental or social characteristics and is subject to enhanced sustainability disclosures.
Article 9 - The fund has a sustainable investment objective and is subject to enhanced sustainability disclosures.
Regardless of Article 8 or 9, the companies in which investments are made must follow good governance practices, and sustainable investments must not do any significant harm.

Article 8

Overview Performance & costs Portfolio Sustainability Commentary Documents

Key points

Investing in subordinated bonds with a high yield, issued by non-financial companies with an investment grade rating.
Corporate hybrids offer attractive valuations within fixed income.
Corporate hybrids have developed into a mature, standardized and diversified asset class.

About this fund

Robeco Corporate Hybrid Bonds is an actively managed fund that invests in global corporate hybrids bonds issued by nonfinancials. The selection of these bonds is based on fundamental analysis. The fund's objective is to provide long-term capital growth. Corporate hybrids are deeply subordinated bonds with equity-like features. The bonds are mainly issued by investment grade issuers. The fund selects the best-in-class hybrid bonds, with the best risk-return characteristics.

Key facts

Per 31-10-2025

Total size of fund	USD 357’176’691
Size of share class	USD 27’881
Inception date share class	17-12-2024
Dividend paying	No

Fund manager

Daniel Ender
Jan Willem Knoll

Daniel Ender is Portfolio Manager Investment Grade in the Credit team. Previously, he was a Credit Analyst at Actiam. Daniel started his career in the industry in 2018 at ABN AMRO. He has a Master’s in Financial Economics from Erasmus University Rotterdam and a Bachelor’s in Political Science and Economics from the University of Connecticut. Daniel also is CFA® charterholder. Jan Willem Knoll is Portfolio Manager Investment Grade in the Credit team. He joined the Credit team in 2016 as Analyst for the Financials sector. Previously, Jan Willem headed the Financials Equity sell-side research team at ABN AMRO. He started his career in the industry in 1999 at APG, where he held several positions including Portfolio Manager of global insurance portfolio pan-European financials portfolios. Jan Willem holds a Master’s in Business Economics from the University of Groningen and he is a CFA® Charterholder.

The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.

Cost of this fund	Percentage
Ongoing charges Indication of annual charges that are deducted for this fund. This indication is based on the costs over the last calendar year and may vary from year to year. Transaction costs incurred by the fund, any performance fees and other one-off costs are not included in the ongoing charges.	1.72%
Included management fee A fee paid by the fund to the asset management company for the professional management of the fund.	1.50%
Included service fee This fee is intended to cover official fees, such as the cost of annual reports, annual shareholders' meetings and price publications.	0.16%
Transaction costs The transaction costs shown are the average annual transaction costs over the last three years calculated in accordance with European regulations.	0.01%

Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

Market development

Per 31-10-2025

Markets stayed firm in October as an extended US China trade truce, solid data and decent earnings supported risk assets. Early tariff threats from President Trump sparked a risk-off move, but later meetings with President Xi delivered a renewed truce and scaled back measures. Equities finished higher, with the S&P 500 up 2.3 percent for a sixth consecutive monthly gain and Japanese stocks rallying after Sanae Takaichi became prime minister. Rates rallied alongside risk. The Fed cut its policy rate by 25 bps in late October but signalled that another December move was not assured, leaving the 10-year Treasury yield at 4.08 percent, its lowest close in over a year. The ECB and Bank of Japan left policy unchanged. Credit markets were resilient. Concerns around private credit and regional banks weighed on financials, but fundamentals and inflows kept global spreads broadly stable. Toward month-end, heavy hyperscaler jumbo issuance added pressure on credit spreads, particularly in the US. Precious metals extended their rally, with gold moving above 4,000 dollars per ounce and silver posting a sixth consecutive monthly gain.

Expectation of fund manager

Daniel Ender
Jan Willem Knoll

Credit markets remain comfortably numb: spreads hover near cycle tights and risk appetite holds even as growth slows and inflation risks persist. Strong technicals and fading memories of drawdowns keep investors long, yet valuations leave no margin for error. In the US, credit defies weakening fundamentals: softer labor demand, margin pressure, and political interference at the Fed risk reigniting inflation into a cooling economy. Tariff pass-through and sticky services prices lift stagflation risk, so complacency is the enemy. We stay defensive, favoring shorter spread duration and higher quality issuers. Europe remains our preferred region given sturdier balance sheets, near target inflation, and supportive technicals. In IG, we keep spread duration short, underweight in long dated USD, and tilt up in quality. In HY, we run roughly neutral beta in BB and B, avoid CCC, and hunt idiosyncratic carry. We take profits in European corporate hybrids after sharp tightening, and stay overweight in European bank subs. EM technicals are constructive, but stretched valuations argue for selection over beta. Bottom line: we are cautious on valuations, constructive on technicals, and patient on adding risk.

Robeco Corporate Hybrid Bonds D2H USD

Investing in the corporate hybrids of investment grade non-financials

Key points

About this fund

Key facts

Fund manager

The performance data for this fund is either unavailable or restricted by the MIFID legislation, which prevents us from reporting performance data for funds with less than a 12-month track record.

Costs

Fiscal product treatment

Fiscal treatment of investor

Fund allocation

Policies

Market development

Expectation of fund manager

Fund documents

Annual and Semi-Annual Reports

Announcements

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